CBRE Group, Inc., New Jersey, has completed the sale of South Orange Towers, a 108-unit multifamily apartment building for $101,851 per unit – $11 million overall – by tapping CBRE’s national platform to secure an out-of-state buyer.
The final sale price is the highest recorded price per unit for multifamily in Orange, according to CoStar Group database.
CBRE’s Charles Berger, of the NJ Private Capital Group (PCG), and Elli Klapper, of the NY Investment Properties team, completed the transaction on behalf of the owner and an undisclosed buyer.
The eight story building, located on the direct borders of South Orange, West Orange and Orange, offers a mix of studios, and one-to-four bedroom units on 104,750 square feet. The 100 percent occupied property offers amenities such as assigned and covered parking, laundry facilities, a swimming pool, elevators, and an on-site superintendent and porter.
Berger, based out of CBRE’s Saddle Brook office, said he was able to coordinate with Klapper in the New York City Outer Boroughs office, to find willing buyers outside the Garden State. Within three months of getting the assignment, CBRE had several offers, including one from a West Coast buyer, which met or surpassed the owner’s expectations.
“This sale is a prime example of how we were able to use the CBRE platform as a way of bringing our clients something that no other firm was able to provide – a buyer willing to pay the asking price,” Berger said.
“We were able to bring in a number of interested buyers from outside New Jersey who were willing to pay more than local buyers and a deal was struck immediately.”